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1、Q2 2025 sales and H1 2025 results July 24,2025 Acceleration of activity in Q2 Full-year 2025 financial targets confirmed Sales accelerated in Q2 2025 to+4.4%on a like-for-like basis(LFL)vs.+2.9%in Q1 o Improved dynamics in France(+2.1%LFL in Q2 vs.-1.7%in Q1)o Sound momentum accelerated in Spain(+2.

2、9%LFL in Q2 vs.+1.4%in Q1)o Sustained growth in Brazil(+4.4%LFL in Q2 vs+5.4%in Q1,on a high comparable base in Q2 2024 at+6.0%vs+1.3%in Q1 2024)EBITDA:1,936m up+1.1%(vs.1,916m in H1 2024)Recurring Operating Income(ROI)of 681m,including-80m linked to the consolidation and integration of Cora&Match a

3、nd a strong negative currency effect of-62m,(vs.743m in H1 2024)o France:ROI up+20.0%to 344m excluding Cora&Match,representing a+34bps improvement in operating margin to 1.9%(reported ROI of 264m)o Europe(excluding France):increase in ROI in Spain(+9.4%).ROI in Europe stable at 80m(vs.84m in H1 2024

4、)o Brazil:+6.5%ROI increase at constant exchange rate,driven by Atacado(reported ROI of 340m vs.366m in H1 2024)Solid progress in the integration of Cora&Match;130m synergy target by 2027 confirmed Net free cash-flow down,as expected,to-2,091m in H1 2025 vs-1,704m in H1 2024,mainly reflecting the co

5、nsolidation of Cora&Match in H1 2025,as well as the decrease in the contribution from working capital on the back of high historical levels due to high inflation in H1 2024,notably in Argentina Good progress on strategic review initiatives:buyout of minorities in Brazil,disposal of 7%of Carmila;laun

6、ch of Concordis,a new European buying alliance in partnership with Cooprative U Signing of an agreement for the sale of Carrefour Italy 107%achievement rate of the CSR and Food Transition index Full-year 2025 financial targets confirmed:slight growth in EBITDA,Recurring Operating Income and Net Free